Technical Analysis of Financial Markets

Monday, September 08, 2008

S&P 500 - Head & Shoulders ?

The Fannie & Freddie bailout saw the the S&P rally over 2% towards the underside of the Neckline of a probable Head & Shoulders formation. RSI support since the July 15 uptrend is now serving as resistance. An entrance into a short position with a stop on close above today's high at 1275 may serve as a low-risk trade.

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